I agree completely. The building would be much better sans parapets.
I'm also bothered by the weird patterned glass at the top, instead of sheets of dark gray perforated material like the rest of the mechanical areas. I suppose it's intended to add visual weight below the parapets, but it doesn't work for me... at all. It should match; adding yet another texture in just that one spot looks ridiculous.
And of course I'm appalled by the painted concrete "back" of the building. That should seriously be illegal. If you're going to make a thin building with that kind of floorpan, at least have the decency to give the back a real facade with decorative glass like 220 Central Park S. Ugh.